Mylo Financial Technologies this week launched its mobile app.
The iOS app offers a personal finance management platform to help Canadians achieve their financial goals.
Mylo‘s service automatically rounds up every purchase users make and invests the spare change through a registered portfolio manager into a diversified portfolio of low-cost Exchange-Traded Funds.
“Forty percent of Canadian millennials avoid investing because they lack financial knowledge, which ultimately prevents them from achieving their financial goals,” explains Mylo CEO Philip Barrar. “With Mylo, we are leveling the playing field by providing a saving and investment platform that is automated and stress-free.”
Once plugged in, Mylo uses proprietary transactional data and artificial intelligence to provide personalized insights and recommendations so that users can make better financial decisions.
“Users, with as little as $1 available to save and invest, can benefit from the same professional advice and low cost as experienced investors with hundreds of thousands in assets,” adds Barrar.
An Android version is expected later this summer.
“We have put in place the same security measures as any major Canadian bank to ensure your information is never at risk,” notes Mylo CTO Loïc Bertron. “Mylo users can expect continuous enhancements in the next versions of our app, including AI-driven insights using proprietary user transactional and cash flow data.”
The Canadian company recently acquire Tactex, an asset management firm.